Investments

9 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):


	As of December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:


Money market funds	$	22,981	$	—	$	—	$	22,981

Total cash equivalents	22,981		—		—		22,981
Marketable securities:
Asset-backed securities	3,569		—		(4)		3,565
Certificates of deposit	137		—		—		137
Commercial paper	2,656		—		(3)		2,653
Corporate notes and bonds	102,529		1		(343)		102,187
Sovereign bonds	8,775		—		(84)		8,691
U.S. government and agency securities	568,193		—		(4,927)		563,266

Total marketable securities	685,859		1		(5,361)		680,499
Total cash equivalents and marketable securities	$	708,840	$	1	$	(5,361)	$	703,480

As of December 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	93,412
Due in one year to three years	610,068
Total	$	703,480

The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands):


	As of March 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	2,290	$	—	$	—	$	2,290
Corporate notes and bonds	3,517		—		(1)		3,516
Money market funds	9,838		—		—		9,838
Certificates of deposit	1,301		—		—		1,301
Total cash equivalents	16,946		—		(1)		16,945
Marketable securities:
Asset-backed securities	3,264		—		(1)		3,263
Certificates of deposit	4,867		1		—		4,868
Commercial paper	16,411		1		—		16,412
Corporate notes and bonds	46,662		3		(24)		46,641
Sovereign bonds	1,100		—		(1)		1,099
U.S. government and agency securities	3,857		1		—		3,858
Total marketable securities	76,161		6		(26)		76,141
Total cash equivalents and marketable securities	$	93,107	$	6	$	(27)	$	93,086

As of March 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):


	Fair Value
Due within one year	$	72,307
Due in one year to three years	20,779
Total	$	93,086

As of December 31, 2021 and March 31, 2021, the Company has recognized accrued interest of $1.9 million and $0.3 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

The unrealized losses associated with the Company’s debt securities were $5.4 million as of December 31, 2021. The Company did not recognize any credit losses related to the Company’s debt securities during the three and nine months ended December 31, 2021. The fair value related to the debt securities for which no credit losses were recognized was $678.8 million as of December 31, 2021.

The unrealized losses associated with the Company’s debt securities were not material as of March 31, 2021. The Company did not recognize any credit losses related to the Company’s debt securities during the three and nine months ended December 31, 2020.